Tweedy, Browne

Q4 2013 13F · by Will Browne, portfolio manager

As of: Dec 31, 2013
Filed: Feb 12, 2013
US stock: $4.3B · prev $4.2B
Positions: 49 · prev 49
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves35 since the prior filing

−1.4 pp in · +1.3 pp out

New 0 0.00 pp
Added 5 −1.44 pp
Trimmed 30 +1.27 pp
Exited 0 0.00 pp

The book

Focused · behaves like 22 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.6% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions35% of US stock

JNJ Johnson & Johnson trimmed+0.16 pp trimmed+0.169.2%
BSBR Banco Santander (Brasil) SA added−1.12 pp added−1.127.0%
HAL Halliburton Company trimmed+0.12 pp trimmed+0.126.5%
DVN Devon Energy Corporation added+0.22 pp added+0.226.1%
CSCO Cisco Systems, Inc. (DE) added−0.45 pp added−0.455.8%

Positions49 in this filing · 0 exited


JNJJohnson & Johnson	9.17%	4,305,931	$394M	trimmed−0%	+0.16 pp	3 q
BSBRBanco Santander (Brasil) SA	6.98%	49,203,606	$300M	added+1%	−1.12 pp	3 q
HALHalliburton Company	6.52%	5,524,307	$280M	trimmed−0%	+0.12 pp	3 q
DVNDevon Energy Corporation	6.09%	4,235,655	$262M	added0%	+0.22 pp	3 q
CSCOCisco Systems, Inc. (DE)	5.77%	11,073,179	$248M	added0%	−0.45 pp	3 q
WFCWells Fargo & Co.	5.60%	5,310,930	$241M	trimmed−0%	+0.31 pp	3 q
BRK.ABerkshire Hathaway Inc.	4.89%	1,184	$211M	held	—	3 q
COPConocoPhillips	4.88%	2,969,570	$210M	trimmed−0%	−0.09 pp	3 q
unresolvedJoy Global Inc	4.56%	3,356,084	$196M	trimmed−0%	+0.44 pp	3 q
BAXBaxter International Inc.	4.21%	2,601,953	$181M	trimmed−0%	+0.10 pp	3 q
PMPhilip Morris International Inc.	3.88%	1,916,621	$167M	added0%	−0.10 pp	3 q
unresolvedGoogle Inc.	3.69%	141,557	$159M	trimmed−15%	+0.20 pp	3 q
EMREmerson Electric Co.	3.56%	2,183,807	$153M	trimmed−0%	+0.16 pp	3 q
MMM3M Company	3.47%	1,063,769	$149M	trimmed−0%	+0.41 pp	3 q
BNYBank of New York Mellon Corporation	3.43%	4,226,245	$148M	trimmed−8%	+0.09 pp	3 q
WMTWalmart Inc.	2.31%	1,263,205	$99M	trimmed−0%	+0.06 pp	3 q
TMKGlobe Life Inc.	1.79%	984,326	$77M	trimmed−0%	+0.07 pp	3 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	1.71%	602,961	$73M	trimmed−0%	−0.12 pp	3 q
unresolvedComcast Corp. Spl Cl A	1.60%	1,377,141	$69M	trimmed−0%	+0.16 pp	3 q
UNPUnion Pacific Corp.	1.55%	396,646	$67M	trimmed−43%	−1.06 pp	3 q
BRK.BBERKSHIRE HATHAWAY Class B	1.14%	412,914	$49M	trimmed−0%	+0.01 pp	3 q
ANATAmerican National Insurance	1.07%	401,408	$46M	trimmed−0%	+0.12 pp	3 q
DEODiageo plc	1.04%	338,379	$45M	trimmed−1%	0.00 pp	3 q
SYYSysco Corporation	0.96%	1,148,908	$41M	trimmed−10%	−0.01 pp	3 q
UNUnilever N V -ny Shares	0.92%	982,275	$40M	trimmed−0%	+0.03 pp	3 q
MAMastercard Incorporated	0.83%	42,563	$36M	trimmed−10%	+0.06 pp	3 q
UNFUnifirst Corp	0.82%	328,028	$35M	trimmed−5%	−0.04 pp	3 q
PSXPhillips 66	0.74%	411,946	$32M	trimmed−3%	+0.15 pp	3 q
LMTLockheed Martin Corp.	0.73%	210,922	$31M	held	—	3 q
ITWIllinois Tool Works Inc.	0.69%	353,253	$30M	held	—	3 q
AXPAmerican Express Company	0.61%	291,078	$26M	trimmed−1%	+0.08 pp	3 q
NOVNOV Inc.	0.61%	331,370	$26M	held	—	3 q
TTENTotalenergies SE -spon ADR	0.58%	405,473	$25M	trimmed−0%	+0.01 pp	3 q
NVSNovartis AG	0.55%	292,340	$23M	trimmed−1%	+0.01 pp	3 q
CNQCanadian Natural Resources Limited	0.53%	670,700	$23M	held	—	3 q
unresolvedNational Western Life Ins Co	0.52%	100,312	$22M	trimmed−0%	+0.03 pp	3 q
USBU.S. Bancorp	0.51%	539,800	$22M	held	—	3 q
unresolvedLeucadia National	0.41%	629,101	$18M	trimmed−34%	−0.21 pp	3 q
unresolvedUnilever Spn.Adr 1:1	0.28%	289,817	$12M	held	—	3 q
ADPAutomatic Data Processing	0.27%	141,914	$11M	held	—	3 q
HSBCHSBC Holdings PLC	0.23%	176,684	$10M	added+5%	+0.01 pp	3 q
unresolvedGlaxosmithkline PLC	0.19%	150,184	$8M	trimmed−1%	+0.01 pp	3 q
RDS.ARoyal Dutch Shell PLC	0.09%	53,201	$4M	trimmed−1%	+0.01 pp	3 q
FHIFederated Hermes, Inc.	0.02%	29,406	$847,000	held	—	3 q
SHENShenandoah Telecom Co	0.02%	39,840	$1M	held	—	3 q
BROBrown & Brown, Inc.	0.01%	13,925	$437,000	held	—	3 q
CAJPYCanon Inc S/	0.01%	8,230	$263,000	held	—	3 q
CTWSConnecticut Water Service Inc	0.01%	6,483	$230,000	held	—	2 q
XOMExxon Mobil Corp	0.01%	2,534	$256,000	held	—	3 q